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Brian Bollinger With the increasing negativity in the crypto market, the majority of major crypto coins are witnessing prolonged consolidation/retracement. The ongoing correction phase is a great opportunity for traders to grab a bargain in established crypto projects. Thus, this article will explore several promising Layer 2 crypto projects that could experience significant growth in 2023.advertisementPolycoin(MATIC)Source- TradingviewOn February 9th, the Polycoin coin price turned down from the monthly resistance of $1.3. The market correction continues to cause the price to fall 10.3% over the last six months. This retracement may be a part the bullish pattern “cup and handle”. The MATIC could plunge another 8-10% to regain support at $1.07-$.105. If prices are able to sustain above this support, buyers could drive prices higher to challenge the $1.3 resistance. Trending StoriesAnyhow, in an ideal bullish scenario, this pattern could lead a bull run to the $1.86 mark.ImmutableX(IMX)Source- TradingviewThe ImmutableX(IMX) coin is still in the process of forming a rounding bottom pattern. This bullish reversal pattern, which is often a symbol for sustained recovery and trend change, is well-known. The IMX price currently trades at $0.95. It is above the $0.888-$0.82 support. This would allow the bullish momentum to recover and bolster further price growth. With sustained buying, the coin price may rise to 32% to challenge the $1.27 mark.Moreover, in response to the rounding bottom pattern, the buyers may drive a bull run to $2.15.Loopring(LRC)Source- TradingviewSimilar to the aforementioned MATIC price, the loopring coin displays the formation of a cup and handle pattern in the daily time frame chart. Despite the increasing negativity in crypto markets, the coin price is stuck in a sideways trend. It trades at $0.386 and could fall to $0.33 if it continues to sell. This local support is crucial for coin holders to maintain a bullish outlook in the chart analysis.advertisementThus, if the buyers manage to hold above $0.33, the coin price should eventually break above the $0.45 barrier. Share this article:About the author
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story